Within the IT industry, reactions to Barack Obama's historic victory have not been as pessimistic as expected. IT firms have been worried because Obama, as Senator, introduced the Patriot Employer Act of 2007 that gave tax credits for companies that maintain or increase the number of full-time workers in America relative to those outside the US.
The US subsidiary of Sun Pharmaceuticals, Caraco Pharmaceutical Laboratories, has received a warning letter from the Food and Drug Administration.
Most felt that it would take time for the impact to percolate to industry as banks were reluctant to immediately pass on the benefit. Moreover, the volatility in the stock and credit market is expected to stabilise only after a couple of months. Indian companies said the central bank measures won't revive consumer sentiment and also not encourage companies to revive expansion plans that have been put on hold.
A no-holds-barred fight for the control of the most popular television news channel in the North-East has broken out between the husband-wife duo of Matang Sinh and Manoranjana Sinh. Each has charged the other with financial impropriety and mismanagement.
Parsvnath Developers is expected to sack its non-performing staff post Diwali as part of its cost cutting measures. "Non performers have to go. Cost cutting measures will start in 15 to 20 days,'' said Pradeep Jain, chairman of Parsvnath, told reporters on the sidelines of a conference in New Delhi on Friday.
According to the package, the dues will be cleared in six monthly instalments by March 2009. Current ATF purchases will get 90 days' credit, supported by bank guarantees. Also, jet fuel price revisions will henceforth happen every fortnight. Praful Patel on Thursday admitted in the Lok Sabha that it may take another two months to make the recently-opened third runway at the Delhi airport fully operational.
Yes Bank plans 100 bps cut, other private players to wait; public sector may move first. The bank, which currently disburses loans to corporate clients at around 17 per cent, may also pare deposit rates by 50 basis points in December.
The list of end use includes investments in the industrial sector, foreign direct investment in joint ventures or 100 per cent subsidiaries, first-stage acquisition of shares in disinvestment and open offers as well as micro-lending to self-help groups by NGOs.
Protests following the arrest of Maharashtra Navnirman Sena chief Raj Thackeray on Tuesday crippled retail businesses in and around Mumbai, the commercial capital of the country
American investments in West Bengal are likely to suffer to a certain extent due to the Singur issue.
Infosys had bid at 600 pence a share for the UK company. Infosys will get the one per cent inducement fee that Axon has to pay to the party unable to close the deal.
New York-based REcap Partners-LLC is all set to buy out Chennai-based business process outsourcing firm HOV Services along with its two units operational in Beijing and Hong Kong for around Rs 950 crore
Dow India would comply with all the directives stated by the government to work outa solution to the current situation, the company said. Recently the company's research facility at Chakan was razed by a group of villagers, following which members of the Warkari sect claimed responsibility for the act, saying they would not allow the facility to come up at a place which is sacred to the followers of the 17th century Bhakti movement saint Tukaram.
A 700-750 pence per share final price for Axon ($900-910 million) cannot be ruled out by the time the bidding war ends, say CLSA analysts. However, regardless of whoever wins this largest overseas acquisition, Emkay Global Financial Services analysts opine that Axon could well prove to be a winner's curse since a long-drawn bidding war might tell on the bottom lines of both firms.
Though FDI is allowed in the sector, foreign carriers cannot acquire stakes in Indian airlines.
Anxious executives from 150 Greater Noida factories met on Wednesday to take stock of the simmering labour unrest in the sprawling industrial township in the outskirts of Delhi after Graziano Transmissioni Managing Director Lalit Kumar Chaudhary was killed by a mob of retrenched workers on Monday. Privately, many of them said it would now become hard to downsize in the impending industrial slowdown.
It is now probing the quality of AIDS medicines supplied by the company to developing countries under US government-funded programmes. Estimates suggest that Ranbaxy has received over $9 million from the programme so far. Ranbaxy had a turnover of $1.5 billion in 2007-08, of which a quarter came from US sales.
The investments would be made in the company's acquired companies, Algoma in Canada and Minnesota Steel in the US, as well as greenfield plants in Trinidad and Tobago. The groundbreaking ceremony for the first steelmaking facility in Minnesota's Iron Range was held on Sunday.
The ongoing financial sector crisis in the United States and its repercussions on developed markets worldwide will result in lower capital inflows into emerging markets like India, economists and government officials said on Thursday.
Mobile phones in West Bengal will become more expensive than any other part of the country, thanks to the state government increasing the state value added tax on the product from 4 per cent to 12.5 per cent. The increase in prices, to be effective from September 8, is expected to give a major fillip to the grey market in the state.
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